Fender’s rival, Fernandes Guitars, abruptly announced it had filed for bankruptcy.
The company, founded in 1969, is best known for its affordable Fender and Gibson replicas.
The company has closed its website, which now simply says: ‘Fernandes USA division has closed.’
Although he is famous for his imitations of more expensive guitars, Fernandes counts Green Day frontman Billie Joe Armstrong and Metallica lead guitarist Kirk Hammett among his fans.
Armstrong has proudly played his Fender Strat-based Fernandes Revival RST-50 at nearly every Green Day concert.
Fernandes counts Green Day frontman Billie Joe Armstrong among his fans
Affectionately nicknamed ‘Blue’, he has owned the guitar since he was just 10 years old.
Meanwhile, Metallica’s Hammett acquired a Fernandes guitar in the early 1980s, which appeared on the cover of ‘The $5.98 EP: Garage Days Re-Revisited’.
The company has also produced a number of signature guitars over the past few decades featuring artists such as Robert Trujillo, who joined Metallica in 2003, and Velvet Revolver’s Dave Kushner.
Fernandes announced it would file for bankruptcy on July 13, with a statement on its Japanese website saying the company had a “considerable amount of debt.”
“We apologize for the inconvenience caused to creditors and related parties, but in light of the total amount of the debt, Fernandes plans to file for bankruptcy as soon as possible,” the statement said.
He added: “We apologize for the inconvenience and thank you for your patronage over the years.” Guitar.com reported.
By filing for Chapter 11 bankruptcy, this means that there is still time for a larger company to step in and purchase the company.
Its Japanese division is still operating.
It is not the first guitar company to file for bankruptcy protection in recent years.
Kirk Hammett of Metallica acquired a Fernandes guitar in the early 1980s.
Iconic family music company Sam Ash also filed for bankruptcy earlier this year.
Iconic guitar maker Gibson filed for bankruptcy in 2018 after struggling for years with debt totaling nearly $500 million.
Gibson guitars were prized by generations of guitar legends. After Chuck Berry’s death, his beloved cherry red Gibson guitar was left screwed to the inside of his coffin lid.
Sam Ash, the beloved music store chain, also filed for bankruptcy in May and has been liquidated and sold.
The new owner of the century-old chain will operate a website, but all physical stores have closed.
Sam Ash has supplied guitars, pianos, keyboards and drums to countless amateur and professional musicians since opening his first store in Brooklyn, New York in 1924.